The Federal Government’s Protecting Your Super Package came into effect on 1 July 2019. The package is designed to protect Australians’ super savings from unnecessary erosion by fees and insurance costs.
The legislation included changes to fees, the transfer of inactive low-balance accounts to the Australian Taxation Office (ATO) and cancelling insurance for inactive members.
1 Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.